NEWPORT BEACH, CALIF. — New York Life has sold an office building, located at 1500 Quail St. in Newport Beach. A joint venture between Lincoln Property Co. and an institutional advisor acquired the property for $32.1 million.

Built in 1983 and renovated in 2017, the seven-story, 90,715-square-foot building is situated on nearly five acres and features a revitalized exterior patio area, modernized elevator, flexible floor plates and suite sizes, and 357 surface parking stalls.

At the time of sale, the property was 91 percent leased to 17 tenants, including Northwestern Mutual, Ticor Title, Alera Group and BB&T.